Solar Tube Maker Solyndra Files for Potential $300M IPO

Whoa! The next big cleantech IPO following A123System’s recent public offering, has just been announced. Thin film solar company Solyndra has filed a registration statement for an IPO that could raise up to $300 million. According to the SEC filing, the company generated revenues of $58.8 million for the nine months ended October 3, 2009, rising from revenues of $6 million for the fiscal year ended January 3, 2009 and has had expanding losses for every fiscal year.

Solyndra, a Fremont, Calif.-based manufacturer of thin-film solar tubes, stayed quiet for years but came out of stealth in 2008 with an announcement that it had raised a massive $600 million from investors. The company then raised more and became one of the most capitalized startups to date with close to $800 million in financing.

According to the SEC filing Solyndra plans to use the funds raised in the IPO to pay for a portion of the costs of the build out of the second phase of its second factory. The total costs of that buildout Solyndra estimates are $642 million. Solyndra also said that on September 11, 2009 it applied for a second loan guarantee from the DOE for $469 million, to help fund the buildout. Solyndra says: “If we are unable to obtain the DOE guaranteed loan in whole or in part, we intend to fund any financing shortfall with some combination of the proceeds of this offering, cash flows from operations, debt financing and additional equity financing.”

Despite early revenues Solyndra’s losses have been expanding since its first reported fiscal year in 2006. The company lost $232.07 million for the fiscal year ending January 2009, $114.13 million for the fiscal year ending December 29, 2007, and $27.17 million for the fiscal year December 30, 2006.